Articles tagged with: bad credit

Just a few short years ago, getting a loan for everything from homes to cars was a comparatively easy process. That’s changed a bit and especially when it comes to mortgages, hasn’t it? So, what happened? The subprime lending market died a sudden death in 2007 due to high default rates leading to foreclosures and financial chaos. Banks responded by tightening lending standards on most consumer loans. The impact of those new measures — some taken by the industry and some put in place by government regulations — is that a high …

It’s no secret – getting a mortgage these days is a bit tougher than it was in the not too distant past. We should all be aware of the reasons for tighter lending requirements by now – relaxed standards led to a number of risky, subprime mortgages hitting the market resulting in a slew of foreclosures. The response to those foreclosures involved a number of reforms generated by both the financial industry and the government. The end result, of course, is that good credit is as important now as it ever has …